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Bank of Greece governor says country on road to recovery

Bank of Greece Governor George Provopoulos, in a speech before a London think tank on Friday, expressed his conviction that Greece was firmly on the road to recovery, adding that the country had made significant progress in its efforts at fiscal adjustment.

In a speech at the Official Monetary and Financial Institutions Forum (OMFIF) called "The Greek crisis - from Grexit to Grecovery, Provopoulos said, "the sacrifices are beginning to bear fruit." "I am optimistic that Greece's return to growth, to Grecovery, is ahead."

He added that Athens has met the conditions demanded of it by its foreign creditors and should receive bailout funding. The country has made large strides toward fiscal adjustment, had reduced its trade deficit and had promoted measures that are crucial for the country's transformation into an outward-looking economy.